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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2014
Employee Benefit Plans [Abstract]  
Reconciliation of Changes in Plan's Benefit Obligations and Fair Value of Assets

 

 

 

 

 

 

 

 

 

 

(In thousands)

2014

2013

Reconciliation of benefit obligation

 

 

 

 

Benefit obligation at beginning of year

$

9,611 

$

10,801 

Service cost including expenses

 

44 

 

53 

Interest cost

 

464 

 

418 

Actuarial (gain) loss

 

2,013 

 

(1,117)

Benefits paid and expected expenses

 

(576)

 

(544)

Benefit obligation at year-end

$

11,556 

$

9,611 

Reconciliation of fair value of plan assets

 

 

 

 

Fair value of plan assets at beginning of year

$

15,446 

$

14,412 

Actual return on plan assets

 

489 

 

1,569 

Employer contributions

 

 

Benefits paid and actual expenses

 

(585)

 

(535)

Fair value of plan assets at year-end

$

15,350 

$

15,446 

Funded status at year end

$

3,794 

$

5,835 

 

Net Periodic Benefit Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

2014

 

2013

 

2012

Interest cost

$

464 

$

418 

$

478 

Expected return on plan assets

 

(1,059)

 

(988)

 

(600)

Service costs

 

44 

 

53 

 

48 

Net loss amortization

 

137 

 

355 

 

326 

Net periodic pension cost

$

(414)

$

(162)

$

252 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

2014

 

2013

 

2012

Net loss (gain) 

$

2,606 

$

(1,707)

$

1,016 

Net loss amortization

 

(137)

 

(355)

 

(326)

Total recognized in other comprehensive income

$

2,469 

$

(2,062)

$

690 

Total recognized in net periodic pension cost and            

 

 

 

 

 

 

other comprehensive income

$

2,055 

$

(2,224)

$

942 

 

Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

2013

2012

Benefit obligations

 

 

 

 

 

 

 

Discount rate

 

3.97 

%

4.98 

%

3.98 

%

Net periodic benefit cost

 

 

 

 

 

 

 

Discount rate

 

4.98 

%

3.98 

%

5.24 

%

Expected long-term return on plan assets

 

7.00 

%

7.00 

%

7.00 

%

 

Fair Value of Pension Plan Assets by Asset Category

 

 

 

 

 

The fair value of Pension Plan assets at December 31, 2014 by asset category are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using:

(In thousands)

 

 

Quoted Prices in Active Markets for Identical Assets

Significant Other Observable Inputs

Significant Unobservable Inputs

Description

Total

 

(Level 1)

 

(Level 2)

 

(Level 3)

Cash

$

$

$

$

Money Market Funds

 

690 

 

690 

 

 

Equity Securities:

 

 

 

 

 

 

 

Large Cap Equity Mutual Funds

 

3,770 

 

3,770 

 

 

Small Cap Equity Mutual Funds

 

128 

 

128 

 

 

Global Equity Mutual Funds

 

866 

 

866 

 

 

International Equity Mutual Funds

 

2,898 

 

2,898 

 

 

Absolute Return Funds

 

770 

 

770 

 

 

Fixed Income:

 

 

 

 

 

 

 

 

Taxable Bond Mutual Funds

 

6,222 

 

6,222 

 

 

Total

$

15,350 

$

15,350 

$

$

 

The fair value of Pension Plan assets at December 31, 2013 by asset category are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using:

(In thousands)

 

 

Quoted Prices in Active Markets for Identical Assets

Significant Other Observable Inputs

Significant Unobservable Inputs

Description

Total

 

(Level 1)

 

(Level 2)

 

(Level 3)

Cash

$

31 

$

31 

$

$

Money Market Funds

 

434 

 

434 

 

 

Equity Securities:

 

 

 

 

 

 

 

 

Large Cap Equity Mutual Funds

 

3,630 

 

3,630 

 

 

Small Cap Equity Mutual Funds

 

140 

 

140 

 

 

Domestic Equities

 

256 

 

256 

 

 

Global Equity Mutual Funds

 

939 

 

939 

 

 

International Equity Mutual Funds

 

2,712 

 

2,712 

 

 

Absolute Return Funds

 

722 

 

722 

 

 

Fixed Income:

 

 

 

 

 

 

 

 

International Bond Mutual Funds

 

559 

 

559 

 

 

Taxable Bond Mutual Funds

 

6,023 

 

6,023 

 

 

Total

$

15,446 

$

15,446 

$

$

 

Estimated Future Benefit Payments Expected to be Paid Under the Plan

 

 

 

 

 

 

 

 

Pension

(In thousands)

 

Benefits

2015

$

570 

2016

 

591 

2017

 

630 

2018

 

672 

2019

 

679 

Years 2020 to 2024

$

3,559 

 

Summary of Expense Relating to Various Employee Benefit Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

2014

2013

2012

Pension plan

$

(414)

$

(162)

$

252 

401(k)

 

585 

 

565 

 

590 

Total

$

171 

$

403 

$

842